Broadcom and Verizon lead corporate pushback against SEC tokenized stock trading

Nine major companies, including Broadcom, Verizon, and UnitedHealth, have formally objected to the tokenized trading of their equity shares on a venue planned by OKXICE. CoinDesk, 24/7 Wall St., Yahoo Finance, The Block, and Pluang all reported on the corporate pushback against the Securities and Exchange Commission framework. The filings challenge the venue's ability to offer blockchain-based equity tokens without explicit corporate approval. [1][2][3][4][5][6]

According to an October 15 public notice issued by OKXICE, eight additional corporate objections were disclosed. CoinDesk and The Block reported that the joint venture between cryptocurrency exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange, had named AppLovin, Applied Digital, Rocket Lab, and CoreWeave among the newly objecting issuers. CoinDesk further noted that Nasdaq has separately decided to opt out under the regulatory framework established by the Securities and Exchange Commission. [1][5]

OKX operates as a cryptocurrency exchange based in San Jose, California. Broadcom was formed in its current structure in 2016 after Avago Technologies acquired Broadcom Corporation for 77 billion dollars, subsequently expanding its operations into enterprise software and semiconductor manufacturing. [8][9]